BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2022
Security
Shares
Value
Affiliated
Investment
Companies
Capital
Markets
—
4.0%
iShares
MSCI
Emerging
Markets
Min
Vol
Factor
ETF
(a)(b)
.........................
267,294
$
13,546,460
Debt
Funds
—
2.0%
iShares
10-20
Year
Treasury
Bond
ETF
(b)
....
61,686
6,720,690
Equity
Funds
—
53.6%
(b)
iShares
Core
High
Dividend
ETF
.........
79,541
7,261,298
iShares
Core
S&P
500
ETF
.............
223,634
80,206,334
iShares
Core
S&P
Small-Cap
ETF
(a)
.......
75,575
6,589,384
iShares
Edge
MSCI
Min
Vol
USA
ETF
(a)
.....
95,873
6,337,205
iShares
ESG
Aware
MSCI
USA
ETF
.......
597,464
47,444,616
iShares
MSCI
EAFE
Growth
ETF
.........
237,513
17,233,943
iShares
MSCI
EAFE
Value
ETF
(a)
.........
480,358
18,508,194
183,580,974
Fixed
Income
Funds
—
40.2%
(b)
iShares
Commodities
Select
Strategy
ETF
(a)
..
93,466
3,338,606
iShares
Convertible
Bond
ETF
(a)
..........
51,839
3,571,707
iShares
Core
Total
USD
Bond
Market
ETF
(a)
..
1,466,282
65,249,549
iShares
Fallen
Angels
USD
Bond
ETF
(a)
.....
380,021
9,082,502
iShares
TIPS
Bond
ETF
...............
101,923
10,691,723
iShares
U.S.
Infrastructure
ETF
..........
103,177
3,326,426
iShares
U.S.
Treasury
Bond
ETF
(a)
........
1,839,530
41,867,703
137,128,216
Total
Affiliated
Investment
Companies
—
99.8%
(Cost:
$389,026,186)
..............................
340,976,340
Total
Long-Term
Investments
—
99.8%
(Cost:
$389,026,186)
..............................
340,976,340
Short-Term
Securities
Money
Market
Funds
—
21.1%
(b)(c)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.79%
(d)
....................
612,204
612,204
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.29%
(e)
........................
71,413,656
71,413,656
Total
Short-Term
Securities
—
21.1%
(Cost:
$72,022,464)
.................................
72,025,860
Total
Affiliated
Investment
Companies
—
21.1%
(Cost:
$72,022,464)
...............................
72,025,860
Total
Investments
—
120.9%
(Cost:
$461,048,650)
..............................
413,002,200
Liabilities
in
Excess
of
Other
Assets
—
(20.9)
%
............
(71,414,610)
Net
Assets
—
100.0%
...............................
$
341,587,590
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,571,351
$
—
$
(959,147)
(a)
$
—
$
—
$
612,204
612,204
$
8,087
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
65,412,403
6,005,141
(a)
—
(7,285)
3,397
71,413,656
71,413,656
126,031
(b)
—
iShares
10-20
Year
Treasury
Bond
ETF
..................
—
8,888,251
(219,049)
(29,137)
(1,919,375)
6,720,690
61,686
101,011
—
iShares
Commodities
Select
Strategy
ETF
...........
8,805,154
2,429,143
(10,454,888)
2,105,053
454,144
3,338,606
93,466
—
—
iShares
Convertible
Bond
ETF
..
—
5,749,251
(2,008,171)
(3,406)
(165,967)
3,571,707
51,839
27,017
—
iShares
Core
High
Dividend
ETF
—
9,365,086
(942,268)
(52,087)
(1,109,433)
7,261,298
79,541
144,216
—
iShares
Core
S&P
500
ETF
....
62,598,260
41,009,942
(1,715,621)
635,087
(22,321,334)
80,206,334
223,634
993,234
—
iShares
Core
S&P
Small-Cap
ETF
13,677,189
8,170,909
(12,452,100)
918,384
(3,724,998)
6,589,384
75,575
49,584
—
iShares
Core
Total
USD
Bond
Market
ETF
............
52,794,288
24,892,862
(1,334,253)
(132,998)
(10,970,350)
65,249,549
1,466,282
956,456
—
iShares
Edge
MSCI
Min
Vol
USA
ETF
..................
5,959,337
1,734,764
(115,571)
(9,012)
(1,232,313)
6,337,205
95,873
69,685
—
iShares
ESG
Aware
MSCI
EM
ETF
(c)
................
9,058,310
3,003,656
(10,324,501)
(1,881,551)
144,086
—
—
—
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
62,644,474
8,653,430
(6,574,592)
1,888,840
(19,167,536)
47,444,616
597,464
589,974
—
iShares
Fallen
Angels
USD
Bond
ETF
..................
18,507,614
1,660,537
(8,406,942)
(401,434)
(2,277,273)
9,082,502
380,021
303,305
—
iShares
Global
Financials
ETF
(c)
.
7,557,184
220,493
(7,415,585)
(336,578)
(25,514)
—
—
—
—
iShares
Global
Tech
ETF
(c)
....
10,403,170
459,447
(8,677,776)
(1,148,813)
(1,036,028)
—
—
—
—
iShares
MSCI
EAFE
Growth
ETF
28,047,960
8,695,803
(11,026,988)
1,980,641
(10,463,473)
17,233,943
237,513
133,801
—
iShares
MSCI
EAFE
Value
ETF
.
29,916,341
3,979,588
(8,880,158)
(890,588)
(5,616,989)
18,508,194
480,358
784,155
—
iShares
MSCI
Emerging
Markets
Min
Vol
Factor
ETF
.......
—
15,441,124
(176,153)
(7,392)
(1,711,119)
13,546,460
267,294
69,167
—
iShares
MSCI
USA
Value
Factor
ETF
(c)
................
12,125,335
526,640
(11,703,280)
2,075,958
(3,024,653)
—
—
40,521
—
iShares
S&P
Small-Cap
600
Value
ETF
(c)
................
—
7,216,764
(7,076,282)
(140,482)
—
—
—
21,227
—
iShares
TIPS
Bond
ETF
......
20,717,349
12,131,706
(19,391,314)
(1,323,129)
(1,442,889)
10,691,723
101,923
755,051
—
iShares
U.S.
Energy
ETF
(c)
....
5,687,184
766,134
(8,155,320)
2,408,313
(706,311)
—
—
102,450
—
iShares
U.S.
Infrastructure
ETF
.
—
3,821,536
(44,208)
(3,681)
(447,221)
3,326,426
103,177
32,272
—
iShares
U.S.
Treasury
Bond
ETF
34,208,322
18,568,587
(5,144,260)
(539,828)
(5,225,118)
41,867,703
1,839,530
328,739
—
$
5,104,875
$
(91,986,267)
$
413,002,200
$
5,635,983
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
EAFE
Europe,
Australasia
and
Far
East
EM
Emerging
Markets
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
MSCI
Morgan
Stanley
Capital
International
S&P
Standard
&
Poor's
TIPS
Treasury
Inflation
Protected
Securities
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Methodologies
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
340,976,340
$
—
$
—
$
340,976,340
Short-Term
Securities
Money
Market
Funds
......................................
612,204
—
—
612,204
$
341,588,544
$
—
$
—
$
341,588,544
Investments
Valued
at
NAV
(a)
.....................................
71,413,656
$
—
$
413,002,200
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.